FAQ

Wednesday, 30 March 2016

WHY DO YOU NEED A GOOD MARKETING STRATEGY?

Marketing is generally misunderstood as selling of products. But Selling is just a small part of marketing cycle. Selling involves attracting customers to buy the products, whereas Marketing includes research, investigation of present market, creation of goods, marketing strategy, customers attraction, building reputation and fulfilling demand of customers. It is mainly a long term business plan that requires proper ideas for enforcement. Therefore, the prime goal of marketing is to research or sense the unfulfilled demand of customers and then develop a new, reliable, quality and satisfactory solutions. Marketing starts before the launch of a product and continues even after the product gets distributed in the targeted market. According to our experts, it is the process of investigating, creating and distributing goods and services to fulfill the demand of target market. It is a crucial step of any business plan that is handled by a department within the firm. The main aim of marketing is to satisfy customers with quality products.

A good marketing plan is important for any firm, whether small or big. Although it is a time-consuming task that requires creative, trained and hard-working manpower, a good marketing management plan helps in success of business organization. Take a look at a few advantages of a good marketing plan:

Helps to reach the target customers

Makes it easy for to discover the demand of current market

Helps in investigating about your competitors

Makes it easy for you to provide a reason to the customers about the benefits of using your product compared to any other similar ones

Optimal use of resources

Helps to maintain control over the business

Plans the progress of the firm

Saves money and time

Reduces risk and escalates sale

Formulating a good marketing plan sets up vision for the development of company in forthcoming days. Though most of the business organization find is impractical to invest time in this part of business planning, but in today’s competitive world; without a proper marketing plan, development of business is likely to be ceased.

The definition of any marketing strategy states that “Marketing strategy is a market research that focus on right product mix to achieve maximum profit potential and sustain the business with minimum expenses.” It deals with the formulation of short term as well as long term activities of the company that help in analyzing the situation of the company in order to formulate a well-defined plan that is in alignment with the groups marketing objectives. Hence, this include Expenses budget, Sale forecast, SWOT analysis and Competitive analysis. Expenses budget is a budget planning made for the expenses that is likely to take place in a business. Likewise, Sale forecast is the estimation of sales that a company plan to make in future, most probably for a fiscal year. This is done in order to make a beneficial decision for company progress. SWOT analysis is the study conducted for identification of strength, flaw, prospect and threats prevalent within or outside the organization. Further, Competitive analysis is about the position that a firm establishes in the targeted market with respect to its competitors. Finally, competitive analysis is about how well you are able to develop a position in the competitive market. It includes study on target market, customers, competitors, your product value and many more. Therefore, some of the benefits of marketing strategy are:

Creation of a product that allows to build a sustainable place in the target market.

Helps to place a right price for the product.

Make effective planning on distribution channel for the product.

It helps to check suitable mediums for publicizing the product.

Once a proper marketing strategy is planned, it becomes easier for different departments of an organization to communicate on the proposed plan. A good marketing strategy has many aspects depending upon the nature of the marketing case studies. For example: it may involve consumer research, customer relationship management, and advertising case study. Our online tutors at Solve My Assignment emphasize on the structure of the case study and marketing plan by analyzing the content or topic step by step.